New York, NY — The Goldman Sachs Group, Inc. (NYSE: GS) announced 50 recipients of the Black Women Impact grants program, part of its One Million Black Women initiative, to fund Black women-led and Black women-serving nonprofits.
The 50 organizations were selected from over 800 applicants based on their established efforts to deliver innovative and transformative solutions to narrow opportunity gaps faced by Black women. Each grantee will receive two years of general operating funding, ranging from $50,000-$250,000. A total of $10 million will be invested through the multi-year program.
“We know one of the best ways to create a more inclusive economy is to invest in Black women,” said David Solomon, Goldman Sachs Chairman and CEO. “From our listening sessions, we’ve learned just how transformative Black women-led nonprofits have been for communities, and now we’re going to spotlight these organizations and give their leaders the resources they need to increase their impact.”
Goldman Sachs’ research Black Womenomics cites limited access to capital as one of the largest barriers for Black women starting businesses and organizations.
Through a series of 50 listening sessions with over 20,000 Black women, a lack of access to unrestricted, multi-year funding was cited as a persistent challenge facing nonprofit leaders. The Black Women Impact grants program is designed to directly address this need.
“We have listened and learned that Black women-led nonprofits need access to general operating, multi-year funding to scale their nonprofit organizations,” said Asahi Pompey, President of the Goldman Sachs Foundation. “We were inspired by the work of these 50 dynamic leaders and are thrilled to deliver funding as they continue to build sustainable organizations, driving lasting change within their communities.”
“For over a decade, our approach to driving market based solutions focuses on allocation of capital in all forms and funding to address root causes of income inequality to drive opportunity,” said Dina Powell McCormick, Global Head of Sustainability and Inclusive Growth at Goldman Sachs. “The Black Women Impact grant recipients have demonstrated, through data and direct insights, that they have developed solutions to narrow opportunity gaps and positively impact communities across the country.
The organizations selected vary in both geography and mission. Cohort Sistas, based in South Bend, Indiana, aims to use this investment to increase the number of women completing doctoral degrees nationwide. Build in Tulsa will work to further Black women-led start-ups in Tulsa, Oklahoma through its accelerator. Georgia-based Black Girls Smile Inc. will use this investment to further its mission to ensure young Black women have access to education, resources, and support for their mental wellness.
“Black women have always been core to driving social change to support and elevate their communities; and they have done so with limited financial resources,” said Melanie Campbell, President and CEO of The National Coalition on Black Civic Participation and Convener of the Black Women’s Roundtable. “This grant program not only supports these 50 dynamic Black women leaders, it sends a signal to the broader business and philanthropic community that it is long overdue for Black women’s leadership to be invested in and have more seats at the tables of power and influence, which is a smart business decision to grow and strengthen the economy for our nation.”
Of the selected organizations, all are led by a Black woman and have multiple Black women in significant positions of leadership. Grantee organizations are directly focused on advancing One Million Black Women pillar areas including: healthcare, job creation and workforce development, education, affordable housing, digital connectivity, financial health, and access to capital.
A complete list of the 50 organizations to receive grants and represent organizations across the country can be viewed online at inlandvalleynews.com.
About One Million Black Women
In partnership with Black-women-led organizations, financial institutions and other partners, Goldman Sachs has committed $10 billion in direct investment capital and $100 million in philanthropic capital over the next decade to address the dual disproportionate gender and racial biases that Black women have faced for generations, which have only been exacerbated by the pandemic. The initiative, One Million Black Women, is named for and guided by the goal of impacting the lives of at least one million Black women by 2030. Goldman Sachs’ research Black Womenomics has shown that sustained investments in Black women will catalyze economic growth, making for not only a fairer, but also a richer society.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. — BPRW